The reduced price followed a period of due diligence by the tech giant.Īpple may be hoping the music subscription service will dovetail with iTunes and its iTunes Radio, at a time when sales growth for music downloads has stalled.
While rivals such as Google and Facebook have been gobbling up companies, it is rare for Apple to make an acquisition of such size. “The thing that Beats provides us is a headstart, and it provides us with incredible people, kindred spirits.” “We could build about anything that you could dream of. The price consists of $2.6 billion in cash and $400 million in Apple stock that will vest over an unspecified time period.ĬEO Tim Cook says he likes the business Beats has built and wants to help it develop new products.
Iovine will step down from Interscope Geffen A&M Records. Dre will join the company as full-time employees, but the brand will remain intact. Streaming music service Beats Music and Beats Electronics, maker of the popular Beats headphones, speakers and audio software will become part of Apple by the end of September.īeats Electronics co-founders Jimmy Iovine and Dr. Apple has confirmed it is buying Beats Music and Beats Electronics for $3 billion US, slightly less than the $3.2 billion that had been rumoured.
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